Business Facilities - January 2008 - (Page 22) tance, a company must make an additional capital investment of $500,000 and create 25 new full-time jobs with health care benefits. JOBS TAX CREDIT: The sunset provision for the jobs tax credit was extended from January 1, 2008 to January 1, 2011. The jobs tax credit was expanded to new highskill, high-wage jobs in high-technology areas, emerging occupations, and skilled manufacturing. The statute was amended to allow taxpayers who qualify for the increased jobs tax credit in connection with an investment of $500 million to receive the credit on an annual basis for each tax year, up to a maximum of 10 years, in which the jobs remain filled at wages equal to or greater than 150% of the state’s average industrial wage. TEXAS TEXAS CAPITAL FUND REAL ESTATE DEVELOPMENT PROGRAM: This program provides financial resources to non-entitlement communities for public infrastructure needed to assist a business that commits to create and/or retain permanent jobs, primarily for low and moderate income persons. This program encourages new business development and expansions. The minimum award is $50,000 and the maximum is $750,000 inclusive of administration costs. The award may not exceed 50% of the total project cost. The TEXAS CAPITAL ACCESS FUND may be accessed by participating financial institutions that provide loans to businesses that face barriers in accessing capital. The essential element of the program is a reserve account established at the lending institution to act as a credit enhancement, inducing the financial institution to make a loan. THE TEXAS AGRICULTURAL FINANCE AUTHORITY (TAFA) LOAN GUARANTEE PROGRAM provides financial assistance through loan guarantees for businesses that are engaged in innovative, diversified, or valueadded production, processing, marketing, or exporting of an agricultural product. The program provides a guaranty of up to 90% of the loan amount to an eligible lender. Funds may be used for working capital, 22 JANUARY 2008 equipment, real estate and/or improvements and inventory. Guarantees range from $30,000 to $5 million. The TEXAS SMALL BUSINESS INDUSTRIAL REVENUE BOND PROGRAM is designed to provide tax-exempt financing to finance land and depreciable property for eligible industrial or manufacturing projects. THE DEVELOPMENT CORPORATION ACT allows cities, counties, and conservation and reclamation districts to form non-profit industrial development corporations or authorities on their behalf. The purpose is to issue taxable and tax-exempt bonds for eligible projects in their jurisdictions. x UTAH THE INDUSTRIAL ASSISTANCE FUND (IAF) is a job-creation incentive fund available to companies relocating to Utah, as well as to existing Utah companies seeking to expand operations within the state. The IAF provides grants for the creation of jobs paying higher than prevailing wages within the community. Grant disbursements are made on a postperformance basis after jobs have been created and retained. To be eligible for the RURAL FAST TRACK PROGRAM (RFTP), a company must have been in business within the state for at least two years and must have at least two employees. In addition, the company must be located and conduct business operations in a disadvantaged, rural county in Utah. Funds ranging from $1,000 to $1,500 per new job are disbursed, with the payment based on wage level. THE MOTION PICTURE INCENTIVE FUND allows an approved production to receive a 15% rebate on Utah expenditures, with a cap of $500,000 per project and a minimum expenditure limit of $1 million. VERMONT VERMONT EMPLOYMENT GROWTH INCENTIVE (VEGI) can provide a cash payment based on the revenue return generated to the state by prospective qualifying job and payroll creation and capital investments, to businesses that have been authorized to earn the incentive and who then meet performance targets. Vermont also offers property tax stabilization and property tax allocation programs as further incentives to offset Vermont’s statewide property tax. Once authorized, the incentives can only be earned and installments paid if targets are met and maintained. THE BROWNFIELDS REVITALIZATION FUND (BRF), administered by the state’s Agency of Commerce and Community Development, provides eligible applicants with the ability to borrow up to $250,000 at attractive rates and terms for assessment, characterization, and cleanup of contaminated sites. Grants may also be available. The mission of Vermont’s SUSTAINABLE JOBS FUND is to develop and support projects throughout the state that lead to the creation or retention of quality jobs, and the protection and enhancement of Vermont’s human and natural resources. Grants and technical assistance will be available for collaborative activity, including the development of flexible manufacturing networks and business clusters. FRESHTRACKS CAPITAL, L.P. is an earlystage venture fund, combining the financial resources of $20 million in venture capital with the strategic resources needed by entrepreneurs to build thriving businesses in the Champlain Valley and throughout Vermont. FreshTracks makes equity investments of up to $1.5 million in companies that demonstrate a compelling and defensible competitive advantage. Larger investments can also be organized. Entrepreneurs in the fields of software, hardware, telecommunications, media, business information, business systems, or biotechnology may be eligible to participate. VIRGINIA The GOVERNOR’S OPPORTUNITY FUND is available to the governor to secure a relocation/expansion project for Virginia. Grants are awarded to localities on a local matching basis with the expectation that the grant will result in an expansion project. The VIRGINIA JOBS INVESTMENT PROGRAM offers customized recruiting and training assistance to companies that are creating new jobs or experiencing technological
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